3 Heritage Shophouses in Little India @ 27, 29 and 31 Dalhousie Lane
Three corner shophouses which are a part of Little India heritage area have been launched for sale. The adjoining properties have been launched at S$11 million reserve price.
This was informed by Cushman & Wakefield, the marketing agent for the sale.
The marketing agent informed that the properties hold individual land titles and encompass 3,870 sq ft land area and have an estimated 7,771 sq ft of floor area.
Going by the reserve price the land rate translates to S$1,415 psf considering the combined floor area.
The shophouses are advantageously located along the Madras Street and Dalhousie Lane which is a part of the heritage district in Little India Conservation Area.
The site is zoned commercial under URA’s 2014 Master Plan. There is 73 years remaining on the tenure of the 99-year leasehold properties which started back in November of 1993.
One of the properties, 27 Dalhousie Lane has a 2-storey shophouse while the remaining two – 29 and 31 Dalhousie Lane include a mezzanine level in the 2-storey units.
Cushman & Wakefield informed that all the three properties have approval for first floor restaurant use and office use in the upper floors.
There are several developments coming up in the vicinity which include an integrated hospitality cum retail development, Tekka Place which is expected to open around the year end.
There is also the Golden Wall Centre, a future hotel. The location is advantageous as the properties shall have direct connectivity to the Rochor MRT Station which is part of the Downtown Line once the Tekka Place is opened.
Cushman & Wakefield’s Executive Director of Capital Markets, Shaun Poh said that the properties are prized assets bring located around the corner.
He added that they will have great frontage and being close to the Rochor Area adds to their advantage as this is part of Little India Heritage Area.
Another thing noted by Mr Poh is the fact that there aren’t too many shophouses that are located as close to a major MRT Station.
According to him these shophouses would generate considerable interest among investors looking to cash in on increase in the rentals as well as appreciation of capital once Tekka Place and Golden Wall Centre are completed and also the Sim Lim Square which has been launched for en-bloc sale.
Cushman & Wakefield also informed that developers can explore the option of redeveloping the site into retail stores, fitness centres, co-working spaces or even backpacker’s hostels upon receiving necessary approvals.
Foreign nationals are also eligible to buy these shophouses and ABSD isn’t applicable on this property.
The shophouses shall be sold to the new buyer with current tenancies and it shall be conducted via an EOI exercise which shall close on July 23 at 3:00 PM.